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Romania's H1 2010 budget deficit put at over RON 18 bn

The implementation of the aggregate budget in the first six months of 2010 ended with a deficit estimated at RON 18.07 bn, below the upper limit of the RON 18.2 bn deficit target mentioned in the Additional Letter to the Stand-By Arrangement concluded by Romania with the International Monetary Fund (IMF), the Romanian Finance Ministry reports.

It estimates that Government aggregate revenues stand at RON 77.2 bn, down 0.1% from the similar period of the year before.

Tax revenues, particularly Value-Added Tax revenues, were on the increase, with the VAT collected having shot to -3.7% as of June 30 from -7.8% at end-May, and the income tax collected increasing from -4.8% from -6.4% in May.

Excise duty collected were 1.5% higher than in the first half of 2009 as a result of a rise in excise duties on January 1.

Non-fiscal receipts were also on the rise, up RON 1.422 bn, as a result of dividends paid by the Government-run corporations and contributions from the net profit of the National Bank of Romania.

The amounts refunded by the European Commission for the payments made under EC-sponsored projects were also up RON 921 mn.

Government's aggregate spending is put at RON 95.3 bn, up 4% in nominal terms from the similar period of the year before.

Staff costs were down 4.5% from the similar period of 2009, while spending on goods and services were cut by 1.7%.

Other spending and costs were on the rise from the first half of 2009 as a result of the cash deficits of the previous years having widened and loans being raised to cover them. Interest spending was up 21.6%. Contributions to the EC-sponsored projects surged 132.6%, while spending related to funding external loans went up 28.5%.

Investment spending, including capital spending and transfers for development programmes stood at RON 11.7 bn, or 12.2% of the total aggregate spending.

Sursa: http://www.agerpres.ro

Tags: spending deficit

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